Business

Red Sea Development Company to start desert aquaculture tests in April

Published

2 years ago

31/01/2022

MNN

Saudi Arabia’s Red Sea developer will begin test production on its planned aquaculture project by the second quarter of this year, a senior official told Arab News.

The Red Sea Development Company, or TRSDC, will try “a number of fish species,” Ventures Director Michael Slage said, but the focus will be to farm native species that are difficult to farm using traditional methods.

The move builds on an earlier partnership with Austrian biotechnology firm Blue Planet Ecosystems, but the project was delayed due to COVID-19.

TRSDC earlier expressed its plans to promote sustainable practices in all of its operations, including producing sustainable food for the millions of tourists it expects to visit the destination once open.

Slage said they intend to maintain the highest standards in seafood farming, including avoiding the use of pesticides and antibiotics.

“We are looking at using artisanal seafood farming methods like mangrove aquaculture, which plants mangroves, and allows them to act as a natural nursery for native species for example,” he explained.

“Working with nature instead of apart from it like this is what makes aquaculture sustainable and is the only kind of seafood farming we will be doing within the project,” the TRSDC executive said.

Slage clarified they are not expecting to produce mass harvests out of the project, but to just “focus on arming native species and creating new employment opportunities in our communities.”

He added: “As a pathfinder, we can pass on our experiences to aquaculture companies to use to produce large quantities in a sustainable way.”

TRSDC is in discussions with “a number of innovative companies and organizations” to further define a sustainable aquaculture framework, Slage said, while strengthening partnerships with local communities.

These efforts are in line with the company’s core strategy of regenerative tourism – where they actively pursue initiatives that would improve the environment, rather than contribute to its degradation.

“We are working very closely with the Prince Mohamed bin Salman Reserve… to establish the largest no-take marine protected area in the entire region, no just the Red Sea,” Rusty Brainard, chief environmental officer at TRSDC, told Arab News, adding it will lead to recovering marine life population.

He said they are looking for partners and investors to “pioneer recirculating aquaculture systems,” which Brainard described as the most sustainable aquaculture system.

Such systems are usually used in areas where water exchange is limited, with the main benefit of keeping reducing the need for fresh, clean water while maintaining a health environment for fish.

“Fundamentally, we are trying to enhance biological diversity across the entire special economic zone, about 20,000 square kilometers by 30 percent by 2040,” he added, on the sidelines of the Saudi International Marine Exhibition and Conference in Riyadh on Monday.

Brainard emphasized TRSDC’s commitment to helping local fishermen by training them to adopt new skills, which could allow them to qualify for more jobs within the development.

Source: ARABNEWS

Business

Dubai company awarded the development of SEZ

Published

2 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

3 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews

Business

Maldivian regional fleet grows with fourth ATR arrival

Published

5 days ago

09/05/2024

Maldivian, the national carrier of the island nation on Wednesday, announced the arrival of its newest addition to the fleet, a fourth ATR 42-600 aircraft.

The new aircraft added to the carrier landed at Velana International Airport some time on Wednesday.

In order to commemorate the milestone, a special ceremony was held at VIA which was attended by distinguished guests, officials and key partners.

The new aircraft, Maldivian added, will enhance the airline’s capacity to serve more routes and provide increased connectivity for both locals and tourists. Moreover, this fleet expansion also reflects Maldivian’s commitment to offering exceptional service and convenience to its passengers.

At Wednesday’s event to welcome the new ATR aircraft, Maldivian’s Managing Director Ibrahim Iyas emphasized the importance of the new aircraft in the company’s growth strategy.

“We have made great strides toward achieving both operational excellence and a greater passenger experience with the addition of this brand-new ATR aircraft to our fleet,” Iyas commented.

“This aircraft offers an unprecedented level of comfort thanks to improved interior humidity control and much lower noise levels. Modern avionics and exceptional fuel economy which further support our dedication to sustainability while maximizing performance throughout our expanding network.”

Maldivian fleet currently has 25 aircraft which include an Airbus A320 commercial carrier, four ATRs, nine Dash-8 series aircraft and eleven Twin Otter seaplanes.

Source(s): sun.mv